Sabadell works to reduce malpractice judgments in the UK to a minimum

TSB Bank was able to reduce its allowance bill to a minimum last year to cover behavioral issues related to the treatment of customers with financial problems. The British branch of Sabadell had to allocate only eight million pounds in 2023.

TSB Bank completion Reduce to a minimum Your bill is in Provisions Meant to confront Behavioral problems Related to the treatment of clients with financial problems. This was stated in the annual accounts of the British subsidiary Sabadellwho sees Which was allocated in 2023 Eight million British pounds (9.37 million euros) to cover this emergency.

This assigned number reflects… Substantial progress “achieved” in customer transactions, according to the bank, and represents an 88% decrease compared to

TSB Bank completion Reduce to a minimum Your bill is in Provisions Meant to confront Behavioral problems Related to the treatment of clients with financial problems. This was stated in the annual accounts of the British subsidiary Sabadellwho sees Which was allocated in 2023 Eight million British pounds (9.37 million euros) to cover this emergency.

This assigned number reflects… Substantial progress “achieved” in customer treatment, according to the bank, and represents a decrease of 88% in relation to the allocations recorded for this same concept in 2022, as It recorded 69.4 million EGP in allocations to meet user requests. In that exercise, Telecommunication Standardization Bureau It achieved a profit of 102.3 million pounds.

Although 2022 was the year with the highest amount, the years immediately preceding it also saw it Telecommunication Standardization Bureau Millions of dollars in resources had to be allocated to address behavioral problems: in 2021 it amounted to £54.3 million and in 2020, another £55 million.

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In recent years, British regulations to protect consumers in financial difficulties have given rise to a large number of complaints and requests from customers at several banking entities, including Telecommunication Standardization Bureau. The regulation stipulates that banks must guarantee certain rights to users with complications, but not all practices implemented by recovery departments in the UK banking sector have been created equal.

So, Provisions of conduct These procedures are intended to address claims by TSB customers who have experienced financial difficulties and who believe they have not received the treatment requested by the entity, which could lead to potential compensation.

investigation

In parallel, the British Banking Conduct Authority (FCA) is conducting an investigation Telecommunication Standardization BureauThe bank, along with senior executives, is trying to determine whether the bank's recovery function is operating in accordance with regulations.

In its annual report, Telecommunication Standardization Bureau She points out that the Financial Conduct Authority's investigation is not over yet, and admits that she is in talks with the authorities about this and other matters.

Sabadell The document adds that it is currently not possible to predict whether or not an entity will eventually be sanctioned by the FCA, nor when that potential fine might arrive. Therefore, the subsidiary has not yet made any provision for this eventuality.

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